Timeline for Adjusted Income vs Adjusted Gross Income
Current License: CC BY-SA 4.0
8 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Dec 26, 2019 at 22:56 | comment | added | Nosjack | @JumpMan The "itemizing list" I referenced was simply the list given in Pub 505. They are given on page 7 (the pub is linked in my answer). The deductions that are included on line 4 are given just below that on the same page. | |
| Dec 26, 2019 at 22:50 | vote | accept | Vladimir Marin | ||
| Dec 26, 2019 at 22:50 | comment | added | Vladimir Marin | Sure, thanks again, yeah I understand it in terms of only deductions, this line is confusing to me: Line 4 includes deductions that are not part of the itemizing list. Not part of itemizing list means? | |
| Dec 26, 2019 at 22:43 | comment | added | Nosjack | @JumpMan But you are correct though, line 4 only includes deductions (not a total AGI number). | |
| Dec 26, 2019 at 22:35 | history | edited | Nosjack | CC BY-SA 4.0 |
cleared up that line 1 does not include income and added disclaimer at the end of the answer
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| Dec 26, 2019 at 22:32 | comment | added | Nosjack | @JumpMan Salary does not go on line 1, only your itemized deductions (reference Pub 505). If your contributions are charitable contributions of $5,000 then line 1 would only be $5,000. If line 2 was $12,200 then line 3 would be 0. Line 4 includes deductions that are not part of the itemizing list. AGI is not referenced anywhere in the W-4, that only comes in to play when you file your return after the end of the year. | |
| Dec 26, 2019 at 22:25 | comment | added | Vladimir Marin | Thanks for the answer @Nosjack however, I need some more help if you don't mind. For instance, If my income (salary) is 60000$, plus I have some other contributions of 5000$. Line 1 should fill up with 65000$ in the referenced worksheet (adjustments and deductions worksheets), for line 2, assume it's 12,200, line 3 is 52,800$? and line 4 should be filled up with any other deductions like disability etc. So, basically line 4 only covers deductions not AGI. | |
| Dec 26, 2019 at 21:11 | history | answered | Nosjack | CC BY-SA 4.0 |